A simple explanation of the consistent slaughter of US stocks, US bonds, gold, energy, and Bitcoin last night.

The latest quarterly QRA data is out.

In the next five months, Yellen does not plan to use TGA on a large scale.

The TGA balance is expected to be $750 billion at the end of June.

The TGA balance is expected to be $850 billion at the end of September.

Liquidity drives all assets.

At the same time, borrowing expectations increased by $41 billion from $202 billion to $243 billion.

This means an increase in the yield anchor.

In summary, all assets fell in unison.

The next important thing is the announcement on Wednesday to see how Yellen issues bonds (long-term and short-term combinations)